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Euro Drops on Weak Chinese Data Despite Strong Eurozone PMIs

The euro today extended yesterday’s decline in the Asian session against a much stronger US dollar before rallying slightly in the early European session. However, the rally was not sustained as the pressure of weak Chinese growth forecasts weighed on the markets risk sentiment; the EUR/USD pair slid to new lows in the American session.

The EUR/USD currency pair today traded mostly in a range marked by a high of 1.1338 and a low of 1.1314 before breaking lower in the US session.